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February 2008
- Sprint Nextel Takes $29B Loss as Customers Walk
  
  newser | Wall Street Journal | Feb 28, 08 10:00 AM CST
  
  Sprint Nextel posted a net fourth-quarter loss of $29.45 billion and doesn’t expect a quick recovery, the Wall Street Journal reports. The No. 3 US wireless company will hold off dividend payments and draw down credit lines for protection as more customers leave the service. It has also announced a beefy $100-a-month unlimited plan including voice, web, email, and more. More »
- SocGen Posts Record $4.9B Q4 Loss
  
  newser | Bloomberg | Feb 21, 08 9:54 AM CST
  
  Societe Generale's annual profits plummeted a whopping 82% after a record $4.9 billion fourth quarter loss fueled by subprime woes and the actions of rogue trader Jerome Kerviel, reports Bloomberg. France’s second-largest bank today said net income was 947 million euros, compared to 5.22 billion euros in 2006. SocGen warned further losses could come in the first quarter. More »
- SocGen: Lax Controls Led to $7.2B Fraud
  
  newser | Wall Street Journal | Feb 21, 08 7:50 AM CST
  
  Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal. Kerviel wrote at least seven bogus emails flagged for anomalies, and his trades tripped 24 alarms over a 14-month period beginning in July 2006, the bank admits in a report released yesterday. More »
- UBS Posts Record $11.2B Quarterly Loss
  
  newser | Daily Telegraph (UK) | Feb 14, 08 6:10 AM CST
  
  Swiss banking giant UBS today reported an $11.23-billion fourth-quarter loss—the largest ever by a bank — and its first full-year loss ever, after taking $13.7 billion more in subprime mortgage writedowns, reports the Telegraph. UBS, which still has a $27.59-billion exposure to subprime securities, is likely to take further markdowns in the next quarter, the company said. "UBS expects 2008 to be another difficult year," the bank said in a statement. More »
- GM Posts Industry Record $38.7B Loss
  
  newser | Associated Press | Feb 12, 08 7:05 AM CST
  
  General Motors today posted a $38.7 billion loss for 2007, the largest annual deficit ever for an automotive company, beating its own 1992 record of $23.4 billion. GM also struck a deal with the United Auto Workers on buyout options for the remaining 74,000 hourly UAW workers at US plants, reports the AP, clearing the way for low-cost replacement labor. More »
- Sprint Plans Major Asset Write-Off
  
  newser | Washington Post | Feb 1, 08 12:27 PM CST
  
  Sprint Nextel says it may write off up to $31 billion related to the merger that created the combined company. The move comes just after a regime change at the company, which has struggled since the 2005 merger, and lost about 1 million customers last year. The write-off, accounting for most or all of the “goodwill” from the merger, will probably mean a big Q4 loss, reports the Washington Post . More »
January 2008
- Subprime Woes Cost UBS Record $4B Loss
  
  newser | Wall Street Journal | Jan 30, 08 5:59 AM CST
  
  Hit hard by the subprime mortgage crisis, UBS AG announced it will write down an additional $4 billion in bad investments and post a $4.03 billion loss for 2007, a record for the company and significantly more than the Swiss banking giant predicted in December, reports the Wall Street Journal . Analysts warn that more writedowns could be coming. More »
- Ford Trims Q4 Loss to $2.75B; Plans Job Cuts
  
  newser | Bloomberg | Jan 24, 08 6:56 AM CST
  
  Ford Motor Co. said job cuts and plant closings helped slash its fourth quarter losses to $2.75 billion, Bloomberg reports, less than half of what they were a year ago. But, adds the Wall Street Journal, the company plans to reduce its workforce by at least another 13,000 jobs by the end of the first quarter through buyouts and attrition. More »
- Merrill: $9.8B Loss on $11.5B Writedown
  
  newser | Bloomberg | Jan 17, 08 6:31 AM CST
  
  Merrill Lynch reported a fourth-quarter loss of $9.8 billion, or $12.01 a share, nearly triple the per-share loss most analysts predicted, reports Bloomberg. It was the second straight losing quarter for the nation’s largest broker, and capped the company’s first full-year loss since 1989. Merrill said it took $11.5 billion in writedowns on subprime mortgage-related securities. More »
December 2007
- Bear Stearns Posts First Loss
  
  newser | Bloomberg | Dec 20, 07 9:19 AM CST
  
  Analysts expected Bear Stearns to post its first-ever loss today, they just expected it to be smaller. After $1.9 billion in subprime writedowns, the company posted a $6.91 loss per share, dwarfing the $1.82 analysts predicted. Executives gave up their bonuses, as revenue from debt sales and trading were wiped out, Bloomberg reports. “They’ve got a myriad of problems,” one analyst said. More »
- Morgan Stanley Stuns With $9.4B in Writedowns
  
  newser | Wall Street Journal | Dec 19, 07 8:10 AM CST
  
  Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses, also announced a $5-billion cash infusion from China Investment Corp., the investment arm of the Chinese government, for a stake of 9.9% of the company. More »
- UBS Writes Down $10B; Sells $11.5B Stake
  
  newser | Bloomberg | Dec 10, 07 7:32 AM CST
  
  Investors from Singapore and the Mideast will breathe $11.5 billion in new capital into UBS as the Swiss banking giant announces that it will write down an additional $10 billion in subprime holdings, Bloomberg reports. The bank said the subprime losses, the biggest by a European bank, will wipe out expected fourth quarter profits, resulting in a loss for the year. More »
November 2007
- Freddie Mac Loses $2B, Seeks Cash
  
  newser | Bloomberg | Nov 20, 07 8:51 AM CST
  
  Freddie Mac, the second-largest US mortgage lender, lost $2.02 billion this quarter, its worst quarter ever, the company said this morning. With core capital almost below its regulatory minimum, the company is looking for fast cash, hiring Goldman Sachs and Lehman Brothers to help bail it out, and “seriously considering” slashing its dividend by 50%. Shares fell 7% in pre-market trading. More »
- $39B Charge Puts Brakes on GM's Earnings
  
  newser | Detroit Free Press | Nov 7, 07 7:23 AM CST
  
  In what’s likely to be the largest net loss in its history, GM today will announce earnings that include a $39 billion tax charge costing it nearly $70 per share. The charge rear-ends the automaker after a quarter that saw strong US sales and a positive labor pact with the UAW. GM traded at $35 after hours. More »
October 2007
- UBS Reports $712M Q3 Loss, $4.4B in Writedowns
  
  newser | Bloomberg | Oct 30, 07 8:36 AM CDT
  
  The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns may be to come in the fourth quarter, the bank warned. More »